UPDATED: Dolphin Cove merges with Mexican company
Dolphin Cove is to be merged with a Mexico-based company, Dolphin Discovery.
Stock market watchers became anxious today following a huge trading of Dolphin Cove shares.
According to the Jamaica Stock Exchange, more than 229 million units of Dolphin Cove shares were traded.
This movement has a dollar value of $3.7 billion and represents more than 58 per cent of Dolphin Cove’s available shares.
Dolphin Cove’s chairman and CEO, Stafford Burrowes confirmed that the transaction accounts for the takeover by Dolphin Discovery.
Dolphin Discovery is a Mexican company with six locations: Puerto Aventuras, Cozumel, Cancun-Isla Mujeres, Six Flags Park Mexico City and Puerto Vallarta.
Dolphin Cove, which is principally owned and managed by the Burrowes family, has been in operation for 15 years.
*Previously, the headline had stated that Dolphin Cove was taken over by the Mexican company, Dolphin Discovery. Dolphin Cove has explained that while the transaction includes some aspects of a takeover, it's more of a merger.